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S&P revises Osum view to stable from negative
S&P said it revised its outlook on Osum Production Corp. to stable from negative.
The agency cited the company’s extension of the maturity of most of its senior secured notes due 2022 and its expectation that positive free operating cash flow will provide a sufficient cushion for any negative events over the next 12 months.
S&P affirmed the company’s CCC+ rating on Osum Production and on parent Osum Oil Sands Corp. and the B issue-level rating on its senior secured debt.
The 1 recovery rating is unchanged.
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